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6.2.B. - Page 1 <br />REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />February 27, 2012 <br />SUBJECT <br />Final Acceptance — Improvements at Bair Island Road <br />RECOMMENDATION <br />Accept, by motion, the construction improvements at Bair Island Road in accordance <br />with the Development Agreement. <br />BACKGROUND <br />On June 7, 2004, the City Council approved the Precise Plan for the Marina Shores <br />Village Subdivision, located at East Bayshore Road and Bair Island Road. On <br />December 17, 2007 City Council approved the Development Agreement and Precise <br />Plan for the Peninsula Park development project. At the time the developer, R.C. <br />Peninsula Park, LLC, intended to construct 796 multi - family residential units, 10,000 <br />square feet of retail space, and a 200 room hotel. <br />On July 20, 2010, R.C. Peninsula Park LLC presented a revised project to the Planning <br />Commission, reducing the size of the residential development to 231 units, 10,000 <br />square feet of retail, and a 200 room hotel. The reduction of residential units required a <br />revision to the development agreement and on September 13, 2010, Amendment No. 1 <br />of the Development Agreement was approved by the City Council. The condominium <br />project is currently under construction, with the first 56 units on schedule for completion <br />this year. <br />ANALYSIS <br />The city- approved permits required the developer to make street and other related <br />improvements including grading, drainage, paving, water, sewer, landscaping and <br />landscape irrigation. These improvements support the new 231 unit project, as well as <br />future projects that may be developed later on Bair Island Road. These improvements <br />are now complete. <br />The total cost of improvements as described in Exhibit B -2 (attached) of the <br />Development Agreement was estimated at $3,590,001.35. The actual cost of <br />construction, which incorporates approved design changes and plan modifications, is <br />approximately $3,397,000. The completed improvements include the Bair Island Road <br />frontage, as well as City water mains within the adjacent private development. <br />The developer has completed the construction of improvements within Bair Island Road <br />